GASB Provides Guidance on Implementation and Application of Various Pronouncements

 – May 7, 2019
GASB Provides Guidance on Implementation and Application of Various Pronouncements

The Governmental Accounting Standards Board (GASB) has issued question-and-answer guidance intended to clarify, explain or elaborate on the implementation and application of certain GASB statements.

Implementation Guide No. 2019-1, Implementation Guidance Update–2019, addresses new questions about application of the Board’s standards on multiple topics, including but not limited to:
  • Derivative instruments
  • Disaster-related expenditure-driven grants
  • Irrevocable split-interest agreements
  • Postemployment benefits
  • Tax abatement disclosures
  • Transfers of capital assets within a financial reporting entity. 
Implementation Guide 2019-1 also includes amendments to previously issued implementation guidance.
 
The requirements of Implementation Guide 2019-1 are effective for reporting periods beginning after June 15, 2019. Early application is encouraged for guidance related to standards that already have been implemented.
 
The guide is available to download free of charge on the GASB website.